微軟 (MSFT) 2011 Q4 法說會逐字稿

Welcome to the fourth-quarter 2011 Microsoft Corporation conference call.

歡迎參加 2011 年第四季度微軟公司電話會議。

All lines have been placed in a listen-only mode until the question-and-answer session.

在問答環節之前，所有線路都處於只聽模式。

Today's call is being recorded.

今天的電話正在錄音。

If anyone has any objections, you may disconnect at this time.

如果有人有任何異議，您可以此時斷開連接。

I would now like to turn the call over to Bill Koefoed, General Manager of Investor Relations.

我現在想將電話轉給投資者關係總經理 Bill Koefoed。

Bill, you may begin.

比爾，你可以開始了。

Thank you, Carol, and thank you, everyone, for joining us this afternoon.

謝謝你，Carol，謝謝大家今天下午加入我們。

As usual with me today are Peter Klein, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

今天和我一樣，首席財務官 Peter Klein； Frank Brod，首席會計官；和副總法律顧問 John Seethoff。

On our website is our financial summary slide deck which is intended to follow the flow of our prepared remarks and provide the reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站上是我們的財務摘要幻燈片，旨在遵循我們準備好的評論的流程，並提供 GAAP 和非 GAAP 財務措施之間差異的對賬。

This information is available at microsoft.com/investor.

此信息可在 microsoft.com/investor 上獲得。

As a reminder, we will post today's prepared remarks to our website immediately following the call until the complete transcript is available.

提醒一下，我們將在通話後立即將今天準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

If you ask a question, it will be included in our live transmission, in the transcript and to any future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸中、記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript at the Microsoft investor relations website until July 21, 2012.

在 2012 年 7 月 21 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看記錄。

During this call, we will be making forward-looking statements.

在本次電話會議中，我們將做出前瞻性陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and the risk factors section of our Form 10-K, Form 10-Qs and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他報告和文件中的風險因素部分，實際結果可能存在重大差異.

We do not undertake any duty to update any forward-looking statements.

我們不承擔任何更新任何前瞻性陳述的義務。

Okay, and with that, I will turn the call over to Peter.

好的，這樣，我將把電話轉給彼得。

Thanks, Bill, and thanks, everyone, for joining us today.

謝謝比爾，也謝謝大家今天加入我們。

I'm pleased to share with you our financial results for the fourth quarter which rounded out a solid fiscal year.

我很高興與您分享我們第四季度的財務業績，這是一個穩健的財政年度。

We closed the year with terrific sales execution as enterprises furthered their commitment to our Windows, Office and Server products.

隨著企業進一步對我們的 Windows、Office 和服務器產品的承諾，我們以出色的銷售執行結束了這一年。

Customers continued to invest in our business desktop offerings including Windows 7 where enterprise deployments have increased almost 50% since March.

客戶繼續投資於我們的企業桌面產品，包括 Windows 7，自 3 月以來，企業部署增加了近 50%。

Our overall multiyear licensing business was especially strong driven by attach of additional seats and additional products.

在附加席位和附加產品的推動下，我們的整體多年許可業務尤其強勁。

As a result, fourth-quarter bookings were up 17%.

結果，第四季度的預訂量增長了 17%。

As I look back on fiscal year 2011, we delivered strong financial results and products while making strategic investments and alliances that will allow us to capitalize on long-term growth opportunities.

回顧 2011 財年，我們提供了強勁的財務業績和產品，同時進行了戰略投資和聯盟，使我們能夠利用長期增長機會。

We grew fiscal year 2011 revenue double digits and we delivered another year of operating margin expansion.

我們在 2011 財年實現了兩位數的收入增長，並且我們實現了又一年的營業利潤率擴張。

We also grew earnings per share by more than 20% for the second year in a row.

我們的每股收益也連續第二年增長了 20% 以上。

Our financial results reflect Office 2010's outstanding market reception.

我們的財務結果反映了 Office 2010 出色的市場接受度。

Deployment remains five times faster than the previous version.

部署仍然比以前的版本快五倍。

Customers are also adding our business productivity applications including Exchange, SharePoint, Link and Dynamics to their multiyear agreements.

客戶還將我們的業務生產力應用程序（包括 Exchange、SharePoint、Link 和 Dynamics）添加到他們的多年協議中。

These four products collectively drove approximately 30% of the Business Division's growth this year.

這四種產品共同推動了今年業務部門約 30% 的增長。

We made great progress on our Cloud initiatives this year.

今年，我們在雲計劃方面取得了很大進展。

We continue to lead the industry through this transformation by enabling our customers to transition to the cloud in a flexible customized way.

通過使我們的客戶能夠以靈活的定制方式過渡到雲，我們繼續在這一轉型中引領行業。

Last month we launched Office 365, the latest generation of our cloud productivity service.

上個月，我們推出了最新一代的雲生產力服務 Office 365。

With Office 365, we've created new profit growth opportunities for us and our partners while enabling scenarios that weren't viable in the past.

借助 Office 365，我們為我們和我們的合作夥伴創造了新的利潤增長機會，同時實現了過去不可行的方案。

In the enterprise, Office 365 enables us to increase revenue and profit per seat while strengthening customer commitment through increased product satisfaction and high return on investment.

在企業中，Office 365 使我們能夠增加每個席位的收入和利潤，同時通過提高產品滿意度和高投資回報來加強客戶承諾。

This gives us new opportunities to address the workforce that doesn't regularly use a PC in the workplace.

這為我們提供了新的機會來解決在工作場所不經常使用 PC 的勞動力。

For small and mid-sized businesses, we now offer a productivity solution with simple deployment and low upfront cost.

對於中小型企業，我們現在提供部署簡單且前期成本低的生產力解決方案。

And with 80% of small businesses having never purchased a business productivity application aside from Office, the opportunity for Microsoft and our partners is significant.

由於 80% 的小型企業從未購買過除 Office 之外的企業生產力應用程序，因此 Microsoft 和我們的合作夥伴的機會是巨大的。

During the year, we made important platform enhancements to Windows Azure, driving increased developer interest and momentum and enabling new scenarios.

在這一年中，我們對 Windows Azure 進行了重要的平台增強，推動了開發人員的興趣和動力，並啟用了新的場景。

Companies such as Pixar, Toyota and Boeing have leveraged Azure to develop innovative solutions and enhanced experiences for their customers.

皮克斯、豐田和波音等公司已利用 Azure 為其客戶開發創新解決方案和增強體驗。

At the same time, building private cloud infrastructure remains a top priority for many of our customers, and Windows Server, System Center and SQL Server are scaling with the increased workloads in data centers.

同時，構建私有云基礎架構仍然是我們許多客戶的首要任務，Windows Server、System Center 和 SQL Server 正在隨著數據中心工作負載的增加而擴展。

In search, Bing continues to gain market share and this quarter, we further differentiated our platform by deepening our relationship with Facebook.

在搜索方面，必應繼續獲得市場份額，本季度，我們通過加深與 Facebook 的關係進一步區分了我們的平台。

During the quarter, we partnered closely with Yahoo!

在本季度，我們與雅虎密切合作！

to uncover and address several platform gaps and inefficiencies.

發現和解決幾個平台差距和效率低下的問題。

We still face monetization challenges and will continue to work closely with Yahoo!.

我們仍面臨盈利挑戰，並將繼續與 Yahoo! 密切合作。

We remain confident in the long-term potential of the combined search marketplace.

我們對聯合搜索市場的長期潛力充滿信心。

During the year, we reinvigorated our Xbox franchise with a refreshed console and with Kinect which revolutionized home entertainment and natural user interface technology.

在這一年中，我們通過更新的控制台和徹底改變家庭娛樂和自然用戶界面技術的 Kinect 重振了我們的 Xbox 特許經營權。

We also had great momentum with Xbox LIVE which now has approximately 35 million members.

Xbox LIVE 的發展勢頭也很強勁，現在它擁有大約 3500 萬會員。

Together, these products and services drove record fiscal year revenue and operating income in the Entertainment and Devices Division.

這些產品和服務共同推動了娛樂和設備部門創紀錄的財年收入和營業收入。

In May we announced our agreement to acquire Skype which will extend Skype's world-class brand and global reach of its network platform while at the same time enhancing Microsoft's existing portfolio of products and services.

5 月，我們宣布了收購 Skype 的協議，這將擴大 Skype 的世界級品牌和其網絡平台的全球影響力，同時增強微軟現有的產品和服務組合。

With Skype, we will increase the accessibility of real-time video and voice communications to both consumers and enterprises, thereby generating new business and revenue opportunities for Microsoft.

通過 Skype，我們將為消費者和企業增加實時視頻和語音通信的可訪問性，從而為微軟創造新的業務和收入機會。

In summary, we're pleased with the terrific market response to our products and our great sales execution, both of which helped drive our solid financial results for the quarter and full fiscal year.

總而言之，我們對市場對我們產品的出色反應和出色的銷售執行感到滿意，這兩者都有助於推動我們本季度和整個財年的穩健財務業績。

We also continue to be excited by our strategic investments in alliance which will allow us to capitalize on long-term growth opportunities.

我們還繼續對我們對聯盟的戰略投資感到興奮，這將使我們能夠利用長期增長機會。

With that, I'm going to hand it back to Bill to provide more details on our results and then I'll come back to provide some thoughts on our outlook for the first quarter and full fiscal year 2012.

有了這個，我將把它交還給比爾，以提供更多關於我們業績的細節，然後我會回來就我們對 2012 年第一季度和整個財政年度的展望提供一些想法。

Thanks, Peter.

謝謝，彼得。

First, I'm going to review our overall results and then move on to the details by business segment.

首先，我將回顧我們的整體結果，然後按業務部門討論細節。

Revenue for the quarter was $17.4 billion, up 8% year over year, while bookings were up 17%.

本季度收入為 174 億美元，同比增長 8%，預訂量增長 17%。

For the year, revenue was $69.9 billion, growth of 12%.

全年收入為 699 億美元，增長 12%。

Operating income was $6.2 billion for the quarter and for the year a record $27.2 billion, up over $3 billion from the prior year.

本季度營業收入為 62 億美元，全年達到創紀錄的 272 億美元，比上年增加 30 億多美元。

For the quarter, earnings per share was $0.69.

本季度，每股收益為 0.69 美元。

For the year, earnings per share was $2.69, up 28%, the second consecutive year of EPS growth over 20%.

全年每股收益為 2.69 美元，增長 28%，連續第二年每股收益增長超過 20%。

This quarter, enterprise demand for our products remains strong and multiyear commitments drove our unearned revenue balance to $17.1 billion.

本季度，企業對我們產品的需求依然強勁，多年承諾推動我們的未實現收入餘額達到 171 億美元。

Our contracted not billed balanced is now over $18.5 billion.

我們的合同未結算餘額現已超過 185 億美元。

The PC market dynamics were similar to the third quarter.

PC 市場動態與第三季度相似。

First, the business PC refresh cycle continued and drove estimated business PC growth of 8%.

首先，商用 PC 更新周期持續，推動商用 PC 預計增長 8%。

Second, PC sales to emerging markets continued to grow at a rapid pace as a record number of people around the world are using Windows PCs.

其次，隨著世界各地使用 Windows PC 的人數創歷史新高，新興市場的 PC 銷售繼續快速增長。

We estimate that this quarter over 40 million PCs representing half of all global PC shipments were shipped to emerging markets.

我們估計本季度有超過 4000 萬台 PC 被運往新興市場，佔全球 PC 出貨量的一半。

We estimate the worldwide consumer PC market declined 2%, primarily driven by weakness in developed markets.

我們估計全球消費 PC 市場下降 2%，主要受發達市場疲軟的推動。

In total, we estimate the PC market increased 1% to 3% in the fourth quarter.

總體而言，我們估計第四季度 PC 市場增長 1% 至 3%。

Now I'll move on to the results for the Windows and Windows Live Division where revenue was down 1%, reflecting the PC market dynamics I just described.

現在我將繼續討論 Windows 和 Windows Live 部門的收入下降 1% 的結果，這反映了我剛才描述的 PC 市場動態。

As usual, you'll find the OEM revenue bridge in our earnings slide deck.

像往常一樣，您會在我們的收益幻燈片中找到 OEM 收入橋樑。

Last week at our worldwide partner conference, we announced that we've sold over 400 million units of Windows 7.

上週在我們的全球合作夥伴大會上，我們宣布我們已售出超過 4 億台 Windows 7。

25% of enterprise desktops have already deployed Windows 7 and as we have stated before, over 90% of enterprises have committed to a deployment plan.

25% 的企業桌面已經部署了 Windows 7，正如我們之前所說，超過 90% 的企業已承諾實施部署計劃。

During the quarter, we also provided an update of Windows 8.

在本季度，我們還提供了 Windows 8 的更新。

We demonstrated how we have reimagined Windows for a new generation of touch-centric hardware.

我們展示了我們如何為新一代以觸控為中心的硬件重新構想 Windows。

You'll hear more at our BUILD developer conference this September.

您將在今年 9 月的 BUILD 開發者大會上聽到更多信息。

Now, I will move on to the Microsoft Business Division which grew 7%.

現在，我將轉到增長 7% 的微軟業務部門。

Consumer revenue declined 8%.

消費者收入下降 8%。

The weak consumer PC dynamics in developed markets were partially offset by strong attach rates.

發達市場疲軟的消費 PC 動力部分被強勁的附加率所抵消。

The business transactional portion grew 27% driven primarily by business PC growth and continued launch cycle momentum.

業務交易部分增長了 27%，主要受商用 PC 增長和持續發布週期勢頭的推動。

The multiyear licensing portion of the business grew 6%.

該業務的多年許可部分增長了 6%。

We launched Office 2010 one year ago and for the year, the Business Division's revenue increased to over $22 billion, an increase of 16%.

一年前我們推出了 Office 2010，這一年，業務部門的收入增長到超過 220 億美元，增長了 16%。

Link, SharePoint and Dynamics all continued to grow double digits this quarter.

Link、SharePoint 和 Dynamics 本季度均繼續保持兩位數增長。

Within our Dynamics business which grew 19%, we saw strong growth and share gains across products.

在我們增長 19% 的 Dynamics 業務中，我們看到了強勁的增長和跨產品的分享收益。

We added 300,000 new seats on [dynamics] CRM and now 2 million users leverage Dynamics CRM everyday.

我們在 [dynamics] CRM 上增加了 300,000 個新席位，現在每天有 200 萬用戶使用 Dynamics CRM。

Now let's move on to the Server and Tools business which posted 12% revenue growth.

現在讓我們繼續討論收入增長 12% 的服務器和工具業務。

Transactional revenue grew faster than the underlying server hardware market which we estimate grew mid-single digits.

交易收入的增長速度快於基礎服務器硬件市場，我們估計其增長速度為中個位數。

Multiyear license revenue grew 12% and Enterprise Services revenue grew 14%.

多年許可收入增長 12%，企業服務收入增長 14%。

Our premium Windows Server and System Center revenues were both up over 20%.

我們的優質 Windows Server 和 System Center 收入均增長了 20% 以上。

Customers are using Microsoft technology to virtualize their data center and build out private cloud environments.

客戶正在使用 Microsoft 技術來虛擬化他們的數據中心並構建私有云環境。

System Center revenue has also grown double digits 10 consecutive quarters.

System Center 收入也連續 10 個季度實現兩位數增長。

We are seeing customers continue to adopt SQL Server as they deploy mission-critical applications and implement cost effective business intelligence capabilities.

我們看到客戶在部署關鍵任務應用程序和實施具有成本效益的商業智能功能時繼續採用 SQL Server。

As a result, SQL Server Premium revenue grew almost 20%.

因此，SQL Server Premium 收入增長了近 20%。

Last week we previewed Windows Server 8 and the next version of System Center.

上週我們預覽了 Windows Server 8 和下一個版本的 System Center。

These products will further enhance customers' private cloud deployments while bridging their investments to the public cloud.

這些產品將進一步增強客戶的私有云部署，同時將他們的投資連接到公共雲。

We'll also share more details on these at Build in September.

我們還將在 9 月的 Build 大會上分享更多細節。

Our cloud computing platform, Windows Azure, continues to have strong customer momentum while revenue growth accelerates.

我們的雲計算平台 Windows Azure 在收入增長加速的同時繼續擁有強勁的客戶勢頭。

During the quarter, we showcased innovative Azure implementations with Boeing and General Mills, demonstrating the power and flexibility of the platform.

在本季度，我們與波音和通用磨坊展示了創新的 Azure 實施，展示了該平台的強大功能和靈活性。

Next I will move to the Online Services Division where revenue grew 17%.

接下來，我將轉到收入增長 17% 的在線服務部門。

Online advertising revenue grew 20%, driven primarily by search.

在線廣告收入增長 20%，主要受搜索驅動。

Bing's US organic market share ended the quarter at 14.4%, up 340 basis points from last year.

必應的美國有機市場份額在本季度末為 14.4%，比去年增加了 340 個基點。

During the quarter, we launched new features based on Facebook's social graph to help people make better, smarter decisions.

在本季度，我們推出了基於 Facebook 社交圖譜的新功能，以幫助人們做出更好、更明智的決策。

As Peter mentioned, we continue to experience challenges with RPS and we're partnering closely with Yahoo!

正如 Peter 所提到的，我們繼續在 RPS 方面遇到挑戰，並且我們正在與 Yahoo! 密切合作。

to resolve these as quickly as possible.

盡快解決這些問題。

Now, let me move to the Entertainment Devices Division where revenue grew 30%.

現在，讓我轉到收入增長 30% 的娛樂設備部門。

During the quarter we sold over 1.7 million consoles, an increase of 18%.

本季度我們售出了超過 170 萬台遊戲機，增長了 18%。

Xbox 360 was the number one selling console in the US for the year.

Xbox 360 是當年美國銷量第一的遊戲機。

At E3 in June, we announced the upcoming releases of Gears of War 3, Forza 4, Kinect Star Wars, Kinect Disneyland Adventures, Dance Central 2, Kinect Sports Season 2 and many more games.

在 6 月的 E3 上，我們宣布了即將發布的 Gears of War 3、Forza 4、Kinect 星球大戰、Kinect Disneyland Adventures、Dance Central 2、Kinect Sports Season 2 以及更多遊戲。

Xbox LIVE also continues to grow rapidly and consumer online engagement with the service remains a core part of our Xbox value proposition.

Xbox LIVE 也繼續快速增長，消費者在線參與該服務仍然是我們 Xbox 價值主張的核心部分。

Xbox LIVE has entertainment content from partners such as ESPN, Hulu, Netflix, and BSkyB and this fall we will make it even easier to find and access content via integration between Kinect and Bing.

Xbox LIVE 擁有來自 ESPN、Hulu、Netflix 和 BSkyB 等合作夥伴的娛樂內容，今年秋天，我們將通過 Kinect 和 Bing 之間的集成讓查找和訪問內容變得更加容易。

We believe the combination of these core features will help drive even broader engagement within the Xbox LIVE ecosystem.

我們相信這些核心功能的結合將有助於推動 Xbox LIVE 生態系統中更廣泛的參與。

In May, we previewed Mango which is our fall release of Windows Phone.

5 月，我們預覽了 Mango，這是我們秋季發布的 Windows Phone。

Mango will deliver deeper social experiences, multitasking, Office 365 integration and will feature Internet Explorer 9 to optimize the browsing experience.

Mango 將提供更深入的社交體驗、多任務處理、Office 365 集成，並將採用 Internet Explorer 9 來優化瀏覽體驗。

During the quarter, we also signed the Nokia alliance, added several new OEM partners, launched on Verizon and Sprint, and saw the number of applications in the marketplace increase 60% sequentially.

在本季度，我們還簽署了諾基亞聯盟，增加了幾個新的 OEM 合作夥伴，在 Verizon 和 Sprint 上推出，市場上的應用程序數量環比增長了 60%。

Now let me cover the remainder of the income statement.

現在讓我涵蓋損益表的其餘部分。

In the quarter, cost of goods sold increased 17% and had similar drivers as last quarter.

本季度，商品銷售成本增長 17%，驅動因素與上一季度相似。

Hardware costs are up due to the success of Xbox 360 consoles and Kinect sensors.

由於 Xbox 360 遊戲機和 Kinect 傳感器的成功，硬件成本上升。

Third-party content royalties are also up, reflecting strong sales on Xbox LIVE.

第三方內容版稅也有所上漲，反映了 Xbox LIVE 的強勁銷售。

Enterprise Services in our Server and Tools business continues to grow rapidly, and online services costs are also up, reflecting increased traffic acquisition costs including costs related to the Yahoo!

我們的服務器和工具業務中的企業服務繼續快速增長，在線服務成本也在上升，這反映了流量獲取成本的增加，包括與 Yahoo! 相關的成本。

alliance.

聯盟。

Operating expenses were $7.5 billion, an increase of 8% primarily due to recently legislated Puerto Rican excise taxes and an increase in selling related costs.

運營費用為 75 億美元，增長 8%，主要是由於最近立法的波多黎各消費稅和銷售相關成本的增加。

During the quarter we made the following adjustments to our full-year tax rate which impacted our effective tax rate for the fourth quarter.

在本季度，我們對全年稅率進行了以下調整，這影響了我們第四季度的有效稅率。

First, we made adjustments to reflect our actual mix of foreign and US taxable income for the year.

首先，我們進行了調整，以反映我們當年的外國和美國應稅收入的實際組合。

And second, we completed our tax filing which resulted in adjustments reducing our tax provision.

其次，我們完成了稅務申報，從而減少了我們的稅收撥備。

To think about the full-year tax rate, our effective rate was 19.2% after adjusting for the one-time benefit in the third quarter related to the IRS settlement.

考慮全年稅率，在調整第三季度與 IRS 結算相關的一次性福利後，我們的有效稅率為 19.2%。

Operating cash flow for the fourth quarter was $5.9 billion, growth of 6% while operating cash flow for the full year was a record $27 billion, an increase of 12%.

第四季度運營現金流為 59 億美元，增長 6%，而全年運營現金流達到創紀錄的 270 億美元，增長 12%。

In the fourth quarter we repurchased $1.6 billion of stock and declared $1.3 billion of dividends.

在第四季度，我們回購了 16 億美元的股票並宣布了 13 億美元的股息。

For the full year we returned $16.9 billion of cash, an increase of 10% year over year, continuing our long-term commitment to return cash to shareholders.

全年我們返還了 169 億美元的現金，同比增長 10%，繼續我們向股東返還現金的長期承諾。

In the past five years, we have returned over $90 billion and reduced our outstanding share count by 1.7 billion shares or 17%.

在過去的五年裡，我們已經返還了超過 900 億美元，我們的流通股數量減少了 17 億股或 17%。

In summary, we had a very solid quarter and year both from a product perspective and also with regard to delivering strong financial results and returning cash to shareholders.

總而言之，無論是從產品角度還是在交付強勁的財務業績和向股東返還現金方面，我們的季度和年度都非常穩健。

And with that, I will hand it back to Peter who is going to discuss our business outlook.

有了這個，我會把它交還給彼得，他將討論我們的業務前景。

Thanks, Bill.

謝謝，比爾。

For the remainder of the call, I'll discuss our expectations for the upcoming quarter and full year.

在接下來的電話會議中，我將討論我們對下一季度和全年的預期。

As we enter fiscal year 2012, we are excited by the advancing trends in technology and the resulting opportunities for us to evolve our businesses.

隨著我們進入 2012 財年，我們對技術的進步趨勢以及由此帶來的業務發展機會感到興奮。

We expect increased diversity of hardware and services designed to satisfy users' growing demand for a unified consistent experience across multiple devices.

我們預計硬件和服務的多樣性會增加，以滿足用戶對跨多個設備的統一一致體驗日益增長的需求。

We also expect businesses and developers to continue their transition to the cloud, given the compelling economics and flexibility.

鑑於令人信服的經濟性和靈活性，我們還希望企業和開發人員繼續向雲過渡。

We believe that with our current portfolio and investments, we're well-positioned to capitalize on these trends.

我們相信，憑藉我們目前的投資組合和投資，我們可以充分利用這些趨勢。

Now turning to our outlook by business.

現在轉向我們的業務前景。

For the Windows and Windows Live Division, we expect revenue to continue to be impacted by market dynamics similar to what we experienced in the fourth quarter with emerging market growth significantly outpacing developed market growth.

對於 Windows 和 Windows Live 部門，我們預計收入將繼續受到與第四季度類似的市場動態的影響，新興市場的增長顯著超過發達市場的增長。

While emerging markets are an important opportunity for us to increase Windows penetration, they impact revenue growth percentages as they generate lower average selling prices and have higher piracy rates.

雖然新興市場是我們提高 Windows 普及率的重要機會，但它們會影響收入增長百分比，因為它們會產生較低的平均售價和較高的盜版率。

We also expect business PC growth to outpace consumer PC growth with the business PC refresh cycle continuing throughout the fiscal year.

我們還預計商用 PC 的增長速度將超過消費 PC 的增長，因為整個財年的商用 PC 更新周期將持續。

Turning to the Microsoft Business Division, transactional revenue, approximately 40% of the division's total, will likely lag the overall PC market for both the first quarter and full fiscal year, reflecting a higher mix of PC shipments to emerging markets and the launch of Office 2010 a year ago.

談到微軟業務部門，交易收入約佔該部門總收入的 40%，在第一季度和整個財年都可能落後於整體 PC 市場，這反映了對新興市場的 PC 出貨量和 Office 的推出的更高組合一年前的 2010 年。

Multiyear licensing revenue, approximately 60% of the division's total, should grow mid to high single digits for the first quarter and low double digits for the full fiscal year.

多年許可收入約佔該部門總收入的 60%，第一季度應該會增長中高個位數，整個財年應該會增長低兩位數。

Moving to Server and Tools, approximately 30% of the division's revenue comes from transactional licensing, 50% from multiyear licensing and 20% from Enterprise Services.

轉向服務器和工具，該部門大約 30% 的收入來自交易許可，50% 來自多年許可，20% 來自企業服務。

We expect transactional revenue to generally track with the hardware market for the first quarter and full fiscal year.

我們預計第一季度和整個財年的交易收入將大致與硬件市場保持一致。

We expect multiyear licensing revenue and enterprise services revenue to grow low double digits for the first quarter and full fiscal year.

我們預計第一季度和整個財年的多年許可收入和企業服務收入將增長兩位數。

Turning to the Online Services Division, we expect online advertising revenue to perform roughly in line with the overall online advertising market for the first quarter and full fiscal year.

談到在線服務部門，我們預計在線廣告收入的表現將與第一季度和整個財年的整體在線廣告市場大致一致。

Within the Entertainment and Devices Division, we expect revenue to grow high single digits for the first quarter and mid-teens for the full fiscal year.

在娛樂和設備部門，我們預計第一季度的收入將增長高個位數，整個財年的收入將保持在十幾歲左右。

Keep in mind that first-quarter revenue will include a higher mix of hardware reflecting last September's Halo Reach launch and will result in gross margins similar to full fiscal year 2011 margin.

請記住，第一季度收入將包括反映去年 9 月 Halo Reach 發布的更高硬件組合，並將導致毛利率與 2011 財年全年毛利率相似。

Switching to overall cost of goods sold for the Company, the biggest factor impacting COGS going forward will be the shift of revenue mix across hardware, software, enterprise services and online services.

轉向公司銷售商品的總成本，未來影響 COGS 的最大因素將是硬件、軟件、企業服務和在線服務的收入組合轉變。

In fiscal year 2012, we will continue to prioritize our spending and manage our costs.

在 2012 財年，我們將繼續優先考慮我們的支出並管理我們的成本。

We are reconfirming our guidance of 3 to 5% growth and expect operating expenses to be $28.0 billion to $28.6 billion for the full fiscal year.

我們再次確認增長 3% 至 5% 的指導，並預計整個財年的運營費用為 280 億美元至 286 億美元。

We expect our effective tax rate to be 19 to 21% for the first quarter and full fiscal year and we still expect capital expenditures for the full fiscal year to be about $2.5 billion.

我們預計第一季度和整個財政年度的有效稅率為 19% 至 21%，我們仍預計整個財政年度的資本支出約為 25 億美元。

Moving to unearned revenue, given our strong sales execution and our record unearned balance at the end of the fiscal year, unearned revenue in the first quarter will likely lag historical sequential growth patterns by a few points.

轉向未實現收入，鑑於我們強勁的銷售執行力和本財年末創紀錄的未實現餘額，第一季度的未實現收入可能會落後於歷史連續增長模式幾個百分點。

We expect unearned revenue at the end of fiscal year 2012 to grow low double digits over this fiscal year.

我們預計 2012 財年末的未實現收入將在本財年以兩位數的低位增長。

In summary, we delivered solid financial results for the fourth quarter and full fiscal year.

總之，我們在第四季度和整個財年都取得了穩健的財務業績。

As we look towards fiscal year 2012, we have good product momentum in the market and are excited by the opportunity to help our customers take advantage of the advancing trends in technology.

展望 2012 財年，我們在市場上擁有良好的產品發展勢頭，並且很高興有機會幫助我們的客戶利用先進的技術趨勢。

And with that, I'll turn the call over to Bill and we will take some questions.

有了這個，我會把電話轉給比爾，我們會回答一些問題。

Thanks, Peter.

謝謝，彼得。

We want to get to questions from as many of you as possible, so please stick to just one question and avoid long or multi-part questions.

我們希望盡可能多地回答你們的問題，所以請堅持一個問題，避免冗長或多部分的問題。

Carol, can you please go ahead and repeat your instructions?

卡羅爾，你能繼續重複你的指示嗎？

(Operator Instructions) Walter Pritchard, Citi.

（操作員說明）Walter Pritchard，花旗。

You mentioned in the slide deck there that 20% of the Fortune 500 has started to adopt the Office 365 online services and I'm assuming it's pretty early there, but I'm wondering if you could help us understand how quickly you expect that to progress throughout fiscal 2012 and sort of what impact we should see on the financial statements as that starts to happen in fiscal 2012 or maybe beyond.

您在幻燈片中提到，20% 的財富 500 強企業已經開始採用 Office 365 在線服務，我假設現在還很早，但我想知道您是否可以幫助我們了解您期望多快整個 2012 財年的進展以及我們應該看到的對財務報表的影響，因為這種影響在 2012 財年或以後開始發生。

Yes, you see it hit the financial statement in two ways actually, Walter.

是的，沃爾特，你看到它實際上以兩種方式影響了財務報表。

One is -- will be in the actual Office 365 revenue, but also as we continue to have the conversations about the migration to the cloud, you see that show up in our multiyear licensing revenue and you saw some of that this quarter with our really strong multiyear licensing revenue across the board.

一個是 - 將在實際的 Office 365 收入中，而且隨著我們繼續就遷移到雲進行對話，你會看到這齣現在我們多年的許可收入中，你在本季度看到了我們真正的全面強勁的多年許可收入。

The market response so far has been great, we're really excited about it.

到目前為止，市場反應非常好，我們對此感到非常興奮。

We expect that to accelerate over time.

我們預計這會隨著時間的推移而加速。

But again I think you'll see it both ways.

但我想你會同時看到它。

You'll see it in our multiyear licensing revenue and in our Office 365 revenue.

您將在我們的多年許可收入和 Office 365 收入中看到這一點。

Okay, operator, next question please.

好的，接線員，請下一個問題。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Thank you and congrats on a good finish to the year.

謝謝你，並祝賀這一年取得圓滿成功。

Thanks Adam.

謝謝亞當。

My question is about the E&D commentary for next year which was I think a surprise relative to certainly the consensus expectations in that it's a lot higher than where consensus was for next year.

我的問題是關於明年的 E&D 評論，相對於共識預期，我認為這是一個驚喜，因為它遠高於明年的共識預期。

Can you talk a little bit about some of the detail behind the assumptions there, specifically what are you expecting or what is embedded around the Nokia relationship and what are you expecting and what is in the numbers around any kind of share gains following Mango?

您能否談談其中假設背後的一些細節，特別是您期望什麼或圍繞諾基亞關係嵌入什麼，您期望什麼以及芒果之後任何類型的股票收益的數字是多少？

Thank you.

謝謝你。

Well, the single biggest driver in the E&D Division is going to be Xbox, right?

嗯，E&D 部門的最大推動力將是 Xbox，對吧？

So we've got great momentum in the marketplace with the console which we we refreshed a year ago; we have Kinect which just came to market last holiday with a bunch of new content titles that Bill talked about in terms of games as well as broader entertainment content.

因此，我們在一年前更新的控制台在市場上取得了巨大的發展勢頭；我們有 Kinect，它在上個假期剛剛上市，其中包含比爾談到的遊戲以及更廣泛的娛樂內容方面的一系列新內容標題。

So as we look to continue the momentum that we have with our share position in the marketplace, you see the strategy really coming together in that business; selling the installed base of the consoles and then having the social connectivity with Xbox LIVE and the broader entertainment portfolio.

因此，當我們希望繼續保持我們在市場上的份額地位時，您會看到該戰略在該業務中真正融合在一起；銷售遊戲機的安裝基礎，然後與 Xbox LIVE 和更廣泛的娛樂產品組合建立社交連接。

So a lot of that strength relates to the Xbox business.

因此，很多優勢都與 Xbox 業務有關。

Additionally, I think it's fair to say that our division thinks that we just scratched the surface of the possibilities with both the Xbox console and Kinect.

此外，我認為公平地說，我們的部門認為我們只是觸及了 Xbox 控制台和 Kinect 可能性的表面。

Obviously as I talked about with the games we have coming out at Christmas, people are super excited about the possibilities there.

顯然，當我談到我們在聖誕節推出的遊戲時，人們對那裡的可能性感到非常興奮。

Next question please.

請下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Thank you, Bill and Peter.

謝謝你，比爾和彼得。

I just had a quick question.

我有一個簡短的問題。

There's been a lot of talk about patent and money that you guys could be receiving for patent violations.

有很多關於專利和金錢的討論，你們可能會因為專利侵權而收到錢。

How do we think about modeling those?

我們如何看待這些建模？

If there's any tips you could give us or how do we think about those, where they would show up and kind of what segment they get embedded in?

如果您可以給我們任何提示，或者我們如何考慮這些提示，它們會出現在哪里以及它們嵌入到什麼樣的細分中？

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

I think the most important thing to think about stepping back is sort of our overall approach.

我認為退一步考慮的最重要的事情是我們的整體方法。

We have a firm culture and belief in innovation, intellectual property and protecting our rights and intellectual property.

我們在創新、知識產權和保護我們的權利和知識產權方面擁有堅定的文化和信念。

And we've done that consistently with an industrywide licensing program related to Android specifically, broadly too, but Android which infringes on some of our patents.

我們一直在與 Android 相關的全行業許可計劃中始終如一地做到這一點，但 Android 侵犯了我們的一些專利。

I think we haven't talked a lot about what to expect from a modeling perspective on there.

我認為我們還沒有談論太多關於從建模的角度期待什麼。

So you should just look to what we do on our licensing program going forward.

所以你應該看看我們在未來的許可計劃上做了什麼。

Operator, next question please.

接線員，請下一個問題。

Phil Winslow, Credit Suisse.

菲爾溫斯洛，瑞士信貸。

Great quarter.

很棒的季度。

Just going back to deferred revenue, obviously that was well ahead of consensus and I think it's the strongest year-over-year growth you've had in MBD since 06 and Server Tools since 08.

回到遞延收入，顯然這遠遠超出了共識，我認為這是自 06 年以來 MBD 和自 08 年以來服務器工具的最強勁的同比增長。

What really changed this quarter, the second half of fiscal year that drove that up so much from what we've been seeing over the past couple years?

本季度真正發生了哪些變化，即本財年的下半年，與我們過去幾年所看到的相比，這一變化如此之大？

And just anything specific to those two divisions as well?

還有這兩個部門的具體內容嗎？

Thanks.

謝謝。

Yes, thanks.

對了謝謝。

No, there's several things.

不，有幾件事。

One, the business refresh has continued as companies have out of the economic downturn of a few years ago.

第一，隨著公司擺脫幾年前的經濟衰退，業務更新仍在繼續。

They really are investing in technology.

他們真的在投資技術。

They're seeing the opportunities for technology to really enhance their value proposition and they're seeing the benefit of our technology.

他們看到了技術真正提升他們的價值主張的機會，他們看到了我們技術的好處。

They're really making a long-term commitment to our product set.

他們確實對我們的產品系列做出了長期承諾。

In MBD, it's really about the intentional strategy we've had really over the last three to five years to sort of broaden the view of what productivity means and how we integrate not only the great new Office applications, but also with e-mail with Exchange, collaboration with SharePoint and more recently, communications with Link.

在 MBD 中，它實際上是關於我們在過去三到五年中真正採取的有意戰略，以擴大對生產力意味著什麼的看法，以及我們如何不僅集成出色的新 Office 應用程序，而且還與電子郵件交換、與 SharePoint 的協作以及最近與 Link 的通信。

And customers are really seeing the benefit of that.

客戶確實看到了這樣做的好處。

We're really just starting to scratch the surface on that.

我們真的才剛剛開始觸及表面。

As I said on the call, a lot of our revenue was driven by growth in those businesses.

正如我在電話會議上所說，我們的很多收入都是由這些業務的增長推動的。

If you add to that what we're doing with Dynamics and taking share in both ERP and CRM, it really is driving a lot of growth and that really is sustainable.

如果再加上我們在 Dynamics 方面所做的事情並在 ERP 和 CRM 中佔有一席之地，它確實推動了很多增長，而且這確實是可持續的。

At the same time in Server and Tools, we've really scaled our products across the board whether that's with the premium version of Windows Server and System Center and also SQL Server.

與此同時，在服務器和工具方面，我們確實全面擴展了我們的產品，無論是高級版本的 Windows Server 和 System Center 還是 SQL Server。

So as we've done that and customers are investing in their data centers and the private cloud implementations on the way to the public loud, we're really taking advantage of that, getting good double-digit growth there.

因此，當我們做到這一點並且客戶正在投資於他們的數據中心和私有云實施時，我們真的在利用這一點，在那裡實現了兩位數的良好增長。

So the combination of a really strong environment for businesses investing in the value of IT and our product set sort of across the board from infrastructure to application has been great.

因此，企業投資於 IT 價值的真正強大環境與我們從基礎設施到應用程序的全面產品組合相結合，非常棒。

Thanks, Bill, next question please, operator.

謝謝，比爾，請下一個問題，接線員。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Peter, just on enterprise demand, is there any change in terms of what you are seeing in the US versus European demand profile?

彼得，就企業需求而言，您在美國與歐洲的需求狀況中看到的情況是否有任何變化？

You know, this quarter we actually saw broad-based demand across all the geographies.

你知道，本季度我們實際上看到了所有地區的廣泛需求。

Obviously emerging markets remain very strong but this quarter we saw demand and great sales execution really across Europe and the US.

顯然，新興市場仍然非常強勁，但本季度我們看到了歐洲和美國的需求和出色的銷售執行。

Thanks, Brent.

謝謝，布倫特。

Next question please.

請下一個問題。

John DiFucci, JPMC.

約翰·迪福奇，JPMC。

Bill, when you said 25% of enterprise desktops are already deployed with Windows 7 and 90% of enterprises have committed to a deployment plan, I'm just curious, is it fair to say that about -- that 25%, should we be thinking of those as largely on the lower end in the SMB that sort of act more like consumers?

比爾，當你說 25% 的企業桌面已經部署了 Windows 7 並且 90% 的企業已經承諾實施部署計劃時，我只是好奇，這樣說是否公平——那 25%，我們應該認為那些在中小型企業中的低端行為更像消費者？

And does the committed -- your word there, committed -- does that mean that they've already contracted for or they've started to contract at a lower level and you expect that to continue going forward?

承諾——你的話，承諾——這是否意味著他們已經簽約或者他們已經開始在較低的水平上簽約，你希望這種情況繼續下去？

That is a great question.

這是一個很好的問題。

On the enterprise side, clearly companies like JPMorgan have started looking at Windows 7, are working on the deployment plan.

在企業方面，摩根大通等公司顯然已經開始關注 Windows 7，正在製定部署計劃。

When we think about the term committed, it means that either a Microsoft sales rep or a partner actually have plans in place where they are looking at a rollout schedule.

當我們考慮“承諾”一詞時，它意味著 Microsoft 銷售代表或合作夥伴實際上已經制定了計劃，他們正在查看推出時間表。

So it's a very deliberate plan, they're engaged in testing.

所以這是一個非常深思熟慮的計劃，他們正在進行測試。

In many cases -- I think we talked about that last quarter but not so much this quarter -- they're also rolling out Office 2010 at the same time that they're rolling out the Window 7 desktop.

在許多情況下——我認為我們在上個季度談到了這一點，但本季度並沒有這麼多——他們也在推出 Window 7 桌面的同時推出了 Office 2010。

So we're excited obviously about the speed of the deployment process that has been underway, but we also think there's a lot of opportunity for the future.

因此，我們顯然對正在進行的部署過程的速度感到興奮，但我們也認為未來有很多機會。

And I think to your point, probably enterprises are a little bit further along just due to the -- probably the macroeconomic environment.

我認為就你的觀點而言，企業可能會走得更遠一些，這可能只是由於宏觀經濟環境。

We've seen more deliberate execution there than maybe in some of the other areas.

我們在那裡看到了比其他一些領域更多的刻意執行。

That is a great question.

這是一個很好的問題。

Next question please, operator.

下一個問題，接線員。

Robert Breza, RBC Capital Markets.

羅伯特·布雷扎，加拿大皇家銀行資本市場。

Peter, I was wondering if you could talk to -- I think your comment, you said that you believed unearned revenue could grow low double digits.

彼得，我想知道你是否可以談談 - 我想你的評論，你說你相信未賺取的收入可能會增長到兩位數的低位。

I'm assuming most of that is going to be coming on the enterprise side and you specifically called out in your commentary some of the drivers to the growth.

我假設其中大部分將出現在企業方面，您在評論中特別提到了一些增長的驅動因素。

Could you maybe just help us clarify that in terms of the unearned revenue?

您能否幫助我們澄清未賺取的收入？

Thanks.

謝謝。

Yes, you are correct.

是的，你是對的。

Most of that growth will come from the enterprise and it goes back to that strength we are seeing in selling multiyear licensing agreements and the demand we are seeing for the products that are across the portfolio of the Business Division and the Server and Tools business.

大部分增長將來自企業，這可以追溯到我們在銷售多年許可協議中看到的優勢，以及我們對業務部門和服務器和工具業務組合中的產品的需求。

So the dynamics that we saw this past quarter we see playing out again next year and that will drive the unearned growth for the full year.

因此，我們在上個季度看到的動態明年將再次出現，這將推動全年的非盈利增長。

I would add -- and I talked about this a little earlier but I'll go back to it again -- the conversations increasingly that we're having with the cloud whether that's Office 365 or Windows Azure or Windows Intune or Dynamics CRM Online, really play into that as well because we find increasingly customers wanting to make long-term commitments when they see that migration path to the cloud as well.

我要補充一下——我之前談到過這個問題，但我會再次回到它——我們與雲的對話越來越多，無論是 Office 365、Windows Azure、Windows Intune 還是 Dynamics CRM Online，也確實發揮了這一作用，因為我們發現越來越多的客戶在看到遷移到雲的路徑時也希望做出長期承諾。

And that you'll see come into I think even more play this year.

你會看到我認為今年會有更多的發揮。

Yes, I think communicating our roadmap to our customers has been a big advantage and they like our roadmap, they're committed to our roadmap and that's been a really good thing.

是的，我認為向客戶傳達我們的路線圖是一個很大的優勢，他們喜歡我們的路線圖，他們致力於我們的路線圖，這是一件非常好的事情。

Operator, next question please?

接線員，請問下一個問題？

Brad Reback, Oppenheimer.

布拉德·雷貝克，奧本海默。

Peter, on the revenue per search aspect with Yahoo!, can you give us any sense how far along the road you are are?

彼得，關於雅虎的每次搜索收入，你能告訴我們你在這條路上走了多遠嗎？

Do you think you are 50% of the way to getting the problem solved?

你認為你已經解決了 50% 的問題嗎？

Thanks, Brad, it's a good question.

謝謝，布拉德，這是個好問題。

What we think and what we say and what we believe is we're on a path and we're totally aligned with Yahoo!

我們的想法、我們所說的以及我們所相信的是我們正在走上一條道路，我們與雅虎完全一致！

on this and the collaboration has been fantastic and the right people are focused on it is we'll have this turned around by the end of this calendar year and move forward from there, and we're still on a path to do that and I think both sides are signed up for that plan.

在這一點上，合作非常棒，合適的人專注於它是我們將在今年年底前扭轉局面並從那裡向前發展，我們仍在努力做到這一點，我認為雙方都簽署了該計劃。

Operator, next question please.

接線員，請下一個問題。

Colin Gillis, BGC.

科林吉利斯，BGC。

Peter, just on that same theme in Online Services, can you give us a sense what percent of the expense is ongoing cost and what percent might be transition costs that could possibly roll off?

彼得，就在線服務中的同一主題，您能否告訴我們費用的百分比是持續成本，以及有多少百分比可能是可能滾降的過渡成本？

The bulk of it is ongoing cost.

其中大部分是持續成本。

There's a little bit of transition cost, but you should think of the bulk of it as ongoing cost.

有一點過渡成本，但您應該將其大部分視為持續成本。

And really the dynamics of that business as you know are it's a high fixed cost business, it's a scale business.

正如您所知，該業務的真正動態是它是一項高固定成本的業務，它是一項規模化的業務。

And as we grow our revenue per search, that's a highly leveraged revenue dollar that we get that goes against that fixed cost base.

隨著我們每次搜索收入的增長，我們獲得的高槓桿收入與固定成本基礎背道而馳。

So clearly improving our RPS is our goal that we are laser focused on as we've talked about.

很明顯，提高我們的 RPS 是我們的目標，正如我們所討論的那樣，我們將重點放在激光上。

Completely.

完全地。

Brendan Barnicle, Pacific Crest securities.

Brendan Barnicle，Pacific Crest 證券。

Peter, how should we think about repatriation of cash as you guys generate so much in some of these foreign jurisdictions?

彼得，我們應該如何考慮遣返現金，因為你們在其中一些外國司法管轄區產生瞭如此多的收入？

Well, the broader issue of just income tax policy we will leave to the experts.

好吧，我們將把更廣泛的所得稅政策問題留給專家。

Obviously we are supportive of long-term enhancements to our income tax policy.

顯然，我們支持長期改進我們的所得稅政策。

In terms of repatriation specifically, I don't think it's a big issue one way or the other for either our operations or our strategies or what we are able to do.

具體而言，就遣返而言，我認為這對我們的運營或戰略或我們能夠做的事情都不是一個大問題。

We've obviously had a very good year both in terms of our financial results and our ability to deliver cash back to shareholders.

就財務業績和向股東返還現金的能力而言，我們顯然度過了非常好的一年。

Operator, next question please?

接線員，請問下一個問題？

Ed Maguire, CLSA.

埃德·馬奎爾，里昂證券。

Could you discuss the monetization trends you may be seeing from Xbox LIVE?

您能否討論一下您可能從 Xbox LIVE 看到的盈利趨勢？

It seems like you have got some decent subscriber growth.

看起來你已經有了一些不錯的訂戶增長。

Yes, no, it's really been fantastic.

是的，不，這真的太棒了。

As we have grown the subscriber base, there's actually a couple of revenue streams.

隨著我們用戶群的增長，實際上有幾個收入來源。

There's the subscription revenue stream and then there's the transactional revenue stream for people who actively engage with the service and that can buy purchases while they are engaged in that.

有訂閱收入流，然後是那些積極參與服務的人的交易收入流，他們可以在參與的同時購買購買。

And that really helps to accelerate the monetization of that business and that is a really, really amazing long-term opportunity for us particularly as we continue to take share of just the whole console platform.

這確實有助於加速該業務的貨幣化，這對我們來說是一個非常非常了不起的長期機會，特別是當我們繼續佔據整個控制台平台的份額時。

Thanks, Ed.

謝謝，埃德。

We'll do a call-out for Ed who's calling us from Tokyo where it must be four in the morning right now.

我們會打電話給從東京打電話給我們的 Ed，現在應該是凌晨四點。

So thanks for call in, Ed.

謝謝你的來電，埃德。

Operator, next question.

接線員，下一個問題。

Gregg Moskowitz, Cowen and Company.

Gregg Moskowitz, Cowen and Company。

Thank you and very nice quarter.

謝謝你，非常好的季度。

Peter, I just had a question on guidance.

彼得，我剛剛有一個關於指導的問題。

In the past, you've talked about Windows revenue growth roughly tracking PC unit growth.

過去，您談到 Windows 的收入增長大致跟踪 PC 單位的增長。

We all know about the mix shift to emerging markets.

我們都知道向新興市場的混合轉變。

But is there anything you can say to help frame how we should think about the gap between Windows revenue growth and overall PC growth in fiscal 2012?

但是，您有什麼話可以幫助我們思考 2012 財年 Windows 收入增長與整體 PC 增長之間的差距嗎？

Yes, you know, I think I would stick with the framework that we gave, hopefully there's a lot of texture to that.

是的，你知道，我想我會堅持我們提供的框架，希望有很多紋理。

And depending on what assumption one makes about the growth in emerging markets versus developed markets, and businesses versus consumers, really impacts what that growth will be.

並且取決於人們對新興市場與發達市場以及企業與消費者的增長的假設，真正影響增長將是什麼。

Obviously the more faster growth there is in emerging markets relative to developed is more headwind for the Windows growth relative to the overall PC market.

顯然，新興市場相對於發達市場的增長越快，相對於整個 PC 市場而言，Windows 增長的阻力就越大。

But I think understanding what your belief is about those dynamics should help a lot with that.

但我認為了解你對這些動態的看法應該對此有很大幫助。

Operator, let's take one more question please.

接線員，讓我們再問一個問題。

Tim Klassell, Stifel Nicolaus.

蒂姆·克拉塞爾，斯蒂夫·尼古拉斯。

Yes, good afternoon and congrats on the quarter as well.

是的，下午好，也祝賀本季度。

Office 365 has now been out in the market for a little while.

Office 365 現在已經上市一段時間了。

But you have multiple bundles at very wide price points.

但是您有多個價格非常廣泛的捆綁包。

Can you sort of point to a bundle or the bundles that appear to be the most popular right now?

你能指出一個捆綁包或現在看起來最流行的捆綁包嗎？

Well, it's been out for about a month, so it's really is too early to tell.

好吧，它已經發布了大約一個月，所以現在說還為時過早。

But I would say that the philosophy behind the pricing is to provide the right set of choices for every customer and every segment depending on what their needs are.

但我想說，定價背後的理念是根據每個客戶和每個細分市場的需求為他們提供正確的選擇。

And so ultimately I think we'll see a broad cross section of customers choosing different pricing plans.

所以最終我認為我們會看到廣泛的客戶選擇不同的定價計劃。

Whether you are a small and medium business whose never had Exchange or SharePoint or Link before, there's a really affordable option for you to jump in.

無論您是以前從未使用過 Exchange、SharePoint 或 Link 的中小型企業，都有一個非常實惠的選擇供您選擇。

For enterprises who need much more scalability, who need premium versions, they can pay a little bit more.

對於需要更多可擴展性、需要高級版本的企業，他們可以多付一點錢。

So as always, we really believe in understanding what the different needs are, different customer segments, and structuring our SKUs and our pricing to reflect the best options for every customer segment depending on their needs.

因此，與往常一樣，我們堅信了解不同的需求是什麼、不同的客戶群，並構建我們的 SKU 和定價，以根據每個客戶群的需求反映最佳選擇。

Thanks, Tim.

謝謝，蒂姆。

So that will wrap up the Q&A portion of today's earnings call.

這將結束今天財報電話會議的問答部分。

Just a reminder that Microsoft's 2011 financial analyst meeting will be on the afternoon of September 14 in Anaheim.

提醒一下，微軟 2011 年財務分析師會議將於 9 月 14 日下午在阿納海姆舉行。

FAM will be held in conjunction with BUILD, our developer conference, which will kick off the morning of September 13 at the Anaheim Convention Center.

FAM 將與我們的開發者大會 BUILD 一起舉行，該大會將於 9 月 13 日上午在阿納海姆會議中心拉開帷幕。

We encourage investors to attend [build] or watch the keynotes via webcast as it will offer people the opportunity to learn directly about our product strategies and roadmaps.

我們鼓勵投資者參加 [build] 或通過網絡直播觀看主題演講，因為這將使人們有機會直接了解我們的產品戰略和路線圖。

Please contact us if you have not received an invitation as pre-registration will be required.

如果您沒有收到邀請，請聯繫我們，因為需要預先註冊。

Thanks again for joining us and have a great day.

再次感謝您加入我們，祝您有美好的一天。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連接。

Thank you.

謝謝你。